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Card Merchant fees

4 replies 78 views
drummonedrummone Forumite
2 posts
Part of the Furniture Combo Breaker
MoneySaving Newbie
I find there whole merchant card world very difficult to navigate as they make it very confusing with card fees (0.4%)/transactions fees (1p) /pci fees(£5)/termianl rental fees (£20pcm).
who is the cheapest for a shop turning over say, 150k with an average spend of £15.
I think most people (90%) pay with a debit card and I don't need a fancy terminal. I've even considered buying one outright as it seems to cost over £250 a year to rent one.
feel so ripped off. thanks for any pointers here, perhaps there are some new


  • penners324penners324 Forumite
    494 posts
    100 Posts Name Dropper First Anniversary
    Have you tried iZettle or SumUp?
    Both charge a fee per transaction 1.75% for iZettle.
    Only cost is buying the card machine (Currently £30)
  • BrowntoaBrowntoa Forumite, Board Guide
    47.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As above , square , izettle or sum up.

    Simple pricing structures , no monthly fees
    Links in my signature currently broken
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's , Boost your income and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to [email protected] Any views are mine and not the official line of MoneySavingExpert.
  • edited 10 July at 4:16PM
    brisbris Forumite
    9.4K posts
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 10 July at 4:16PM
    Why would you feel ripped off? You expect the service for free?

    Proper merchants rent their terminals, you cant buy them but the percentage is cheaper.

    You can buy from izettle and the likes but the percentage is higher.

    You can work it out yourself, take the 150k figure that you expect to go through the machine, pick the cheapest rental merchant and the cheapest bought merchants you can find and do the maths.
  • bonkersbonkers1bonkersbonkers1 Forumite
    57 posts
    10 Posts
    OP - just for a minute assume that cards had not been invented - what cost to you would paying in cash and cheques be? The inconvenience of having to find time to pay them in and you would always get one rogue cheque which you would need to sort out.
    Accepting cards is much more convenient - as a business you just need to price in the cost of card payments into your pricing strategy.  
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